IRB Infrastructure Developers gained 4.70% to Rs 108.10 after Life Insurance Corporation of India (LIC) purchased 71.29 lakh equity shares or 2.03% stake of the construction company between 16 September 2020 to 5 May 2021.
Post transaction, LIC has increased its shareholding in IRB Infra to 7.06% stake from 5.03% held earlier. The deal was executed as a market purchase.
IRB Infrastructure's consolidated net profit fell 56.5% to Rs 69.48 crore on 11.2% decline in net sales to Rs 1,547.16 crore in Q3 December 2020 over Q3 December 2019.
IRB Infra is India's largest private toll roads and highways infrastructure developer.
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